San Francisco: A bunch of crypto buyers has filed a class-action lawsuit towards billionaire investor and Shark Tank icon Mark Cuban, alongside along with his basketball group the Dallas Mavericks, for selling crypto platform Voyager Digital that went bankrupt, resulted in billions of {dollars} in loss for its clients. Cryptocurrency costs in India right this moment (12 Aug 2022).
Prime cryptocurrency dealer Voyager Digital final month filed for chapter within the US, leading to greater than 3.5 million buyers dropping $5 billion collectively. In line with Techcrunch, Voyager Digital’s CEO Stephen Ehrlich has additionally been named as a defendant within the class-action swimsuit filed in Florida federal courtroom.
The plaintiffs have described Voyager as “an unregulated and unsustainable fraud, similar to other Ponzi schemes”. The lawsuit alleged that “Cuban and Ehrlich personally reached out to investors both individually and through a partnership with the Dallas Mavericks, to encourage them to invest with the platform”.
Voyager Digital had vital investments in Singapore-based hedge fund Three Arrows Capital (3AC), which didn’t make funds on a mortgage of 15,250 Bitcoins and $350 million USDCs — that makes the mortgage price greater than $650 million.
Voyager suspended all buying and selling, deposits, withdrawals and loyalty rewards on its platform earlier than submitting for chapter. The Dallas Mavericks launched their unique, five-year partnership with Voyager in October 2021, giving followers money rewards for making trades on the platform.
In line with the lawsuit, Cuban promoted the corporate “as a Voyager customer himself, in a ploy to dupe investors into believing that Voyager was a safe platform”.
Mark Cuban and the Mavericks are but to touch upon the lawsuit. Voyager has mentioned it was actively pursuing all out there cures for restoration from 3AC. It had roughly $1.3 billion of crypto property on the platform and greater than $350 million of money for patrons.
(The above story first appeared on OKEEDA on Aug 12, 2022 02:48 PM IST. For extra information and updates on politics, world, sports activities, leisure and life-style, go browsing to our website latestly.com).
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